We’ve all noticed the large number of apartments being built to serve the middle to the lower end of the housing market. Right now there are over 1,200 units under construction in Ada County. That leaves the middle to the upper part of the housing market for purchases.
Are we becoming an upper-end housing market? Last December, we sold 972 homes with an average price of $491,087. This December, we sold 6% more homes at an average price 25% higher at $613,146. The total volume went up 33% from December 2020 to December 2021.
Although we sold 13% fewer residential properties in 2021 than we did in 2020, the average price was 32% higher so total dollar volume for the year was 15% higher than 2020.
The chart below compares 2021 performance with 2020 performance and the 20-Year charts show the trends in inventory units sold and average prices for the past 2 decades.